Plaza Hotel In New York

The tiny but ultra-rich Gulf state of Qatar has agreed to buy one of New York's most iconic buildings, the Plaza Hotel, for around $600 million, adding a development that was once owned by U.S. President Donald Trump to its luxury property portfolio

A Dubai investment group and a New York real estate company have reached a deal to buy the stake for $600 million

The last time scores of ultra-rich Saudis took over a luxury hotel, it wasn't by choice. In November, some 200 ministers, princes and investors were herded into Riyadh's Ritz Carlton for several months and essentially shaken down for improperly attained lucre, part of an anti-corruption drive. The hotel was shut for other business.

The sales process comes after Ashkenazy Acquisition Corp. acquired a stake in the hotel, giving it certain rights to buy the property, according to a person with knowledge of the situation.

The iconic Plaza hotel of New York, owned by crisis-ridden Sahara group, has been named among the top rated hotel residences in the world.

Embattled Sahara Group on Tuesday came up with a fresh proposal before the Supreme Court for the sale of its assets, including three overseas hotels - Grosvenor House Hotel in London, the New York Plaza and Dream New York - to raise the amount for the release of its jailed chief Subrata Roy.

The Supreme Court of the State of New York has rejected a plea by Hong Kong-based JTS Trading Ltd that had sought attachment of Sahara's prized hotels Plaza and Dream Downtown in the US as part of a lawsuit over a deal that went sour.

Slapped with a $350 million lawsuit seeking attachment of its two prized hotels here, crisis-ridden Sahara has told a US court in New York that it has been wrongly dragged into a dispute between two entities over "a potential business relationship gone sour".

The Sultan of Brunei has made a bid for New York's Plaza Hotel, Dream Hotel and London's Grosvenor House hotel, the Wall Street Journal's website edition reported on Saturday, citing people familiar with the situation.

Mr Roy, chairman of the Sahara conglomerate, was initially given 10 days by the Supreme Court to talk to potential bidders for three hotels, including Grosvenor House in London and the New York Plaza, to raise Rs 10,000 crore for bail.

Actor-producer Michael Douglas has denied there is a crisis in his marriage to Catherine Zeta-Jones but admits to temporary separation.

The investment firm headed by Saudi billionaire Prince Alwaleed bin Talal says it has sold a majority stake in The Plaza Hotel in New York to a major Indian real estate conglomerate in a $575 million deal.

The Indian flag is flying over a lot of prime Manhattan real estate these days. After the Taj group's acquisition of the Pierre on Fifth Avenue, it's now the turn of the Sahara Group, which has bought both the Plaza and a majority stake in the Dream Hotel.

Sahara India is understood to have acquired 75 per cent stake in the Plaza Hotel in New York. Media reports said Subrata Roy-promoted Sahara paid $575 million for the 75 per cent take and the remaining 25 per cent is held by Kingdom Holding Co, a firm controlled by Saudi prince Alwaleed bin Talal.

Sahara's offer values the hotel portion of the Plaza, spanning 230 rooms, at $400 million.

The tiny but ultra-rich Gulf state of Qatar has agreed to buy one of New York's most iconic buildings, the Plaza Hotel, for around $600 million, adding a development that was once owned by U.S. President Donald Trump to its luxury property portfolio

A Dubai investment group and a New York real estate company have reached a deal to buy the stake for $600 million

The last time scores of ultra-rich Saudis took over a luxury hotel, it wasn't by choice. In November, some 200 ministers, princes and investors were herded into Riyadh's Ritz Carlton for several months and essentially shaken down for improperly attained lucre, part of an anti-corruption drive. The hotel was shut for other business.

The sales process comes after Ashkenazy Acquisition Corp. acquired a stake in the hotel, giving it certain rights to buy the property, according to a person with knowledge of the situation.

The iconic Plaza hotel of New York, owned by crisis-ridden Sahara group, has been named among the top rated hotel residences in the world.

Embattled Sahara Group on Tuesday came up with a fresh proposal before the Supreme Court for the sale of its assets, including three overseas hotels - Grosvenor House Hotel in London, the New York Plaza and Dream New York - to raise the amount for the release of its jailed chief Subrata Roy.

The Supreme Court of the State of New York has rejected a plea by Hong Kong-based JTS Trading Ltd that had sought attachment of Sahara's prized hotels Plaza and Dream Downtown in the US as part of a lawsuit over a deal that went sour.

Slapped with a $350 million lawsuit seeking attachment of its two prized hotels here, crisis-ridden Sahara has told a US court in New York that it has been wrongly dragged into a dispute between two entities over "a potential business relationship gone sour".

The Sultan of Brunei has made a bid for New York's Plaza Hotel, Dream Hotel and London's Grosvenor House hotel, the Wall Street Journal's website edition reported on Saturday, citing people familiar with the situation.

Mr Roy, chairman of the Sahara conglomerate, was initially given 10 days by the Supreme Court to talk to potential bidders for three hotels, including Grosvenor House in London and the New York Plaza, to raise Rs 10,000 crore for bail.

Actor-producer Michael Douglas has denied there is a crisis in his marriage to Catherine Zeta-Jones but admits to temporary separation.

The investment firm headed by Saudi billionaire Prince Alwaleed bin Talal says it has sold a majority stake in The Plaza Hotel in New York to a major Indian real estate conglomerate in a $575 million deal.

The Indian flag is flying over a lot of prime Manhattan real estate these days. After the Taj group's acquisition of the Pierre on Fifth Avenue, it's now the turn of the Sahara Group, which has bought both the Plaza and a majority stake in the Dream Hotel.

Sahara India is understood to have acquired 75 per cent stake in the Plaza Hotel in New York. Media reports said Subrata Roy-promoted Sahara paid $575 million for the 75 per cent take and the remaining 25 per cent is held by Kingdom Holding Co, a firm controlled by Saudi prince Alwaleed bin Talal.

Sahara's offer values the hotel portion of the Plaza, spanning 230 rooms, at $400 million.